As you notice here, TNX & USDJPY are currently strongly bearish. So I wouldn't call SPX rally bullish. I am still bearish on SPX. I am not expecting it to break above 1300 anytime soon until TNX & JPY reverses.

SPX
USD/JPY
TNX- 10 Year TreasuryI was comparing Bond yields the other day to see how it can reflect SPX. Short Term yields are stable compare to 10 year & 30 year returns. It is not a good scenario for SPX when all yields are moving closely. You can compare that by going

TYX - 30 Year TreasuryFYX- 5 Year TreasuryIRX- 13 Weeks Treasury Bill